Mom-and-pop retail investors are zigging and big-money institutions are zagging as the market tries to figure out which way things are going.» Read More
Yesterday another Wall Street law firm told its attorneys that the firm would support the iPhone for work email. The announcement added that employees who chose the iPhone would have their data plans paid for by the law firm.
Credit Suisse has a pilot program allowing employees to use iPhones, according to people familiar with the matter. Bank of America has begun phasing in iPhones, according to one person at the bank. JP Morgan Chase is reportedly experimenting with the iPhone. Skadden Arps buys iPhones for attorneys who choose them, and pays for the data plan.
The message from Wall Street is clear: quasi-monopoly Research In Motion has enjoyed over the business mobile phone market has cracked.
The breaking of RIM’s monopoly is not confined to Wall Street.
According to Apple executives, 80 of the Fortune 100 companies are supporting or testing iPhones.
But the process of iPhone adoption on Wall Street illustrates a serious problem for RIM.
The buzz at the Denver Gold Forum is decidedly bullish. The invitation only conference in the mile-high city brings together miners, investors and hedge fund managers including Victor Flores, Vice President at Paulson & Co.
Adrian Day, Chairman & CEO of Adrian Day Asset Management described the event as more crowded than usual, but not manic.
“What’s different this year is that there are a lot of generalist funds — not just the specialty gold funds,” says Day.
And those investors are most interested in one big question: will we get a major correction in the price of gold?
“Nobody is thinking that gold is in a bubble,” says Day.
Two seemingly unrelated stories breaking across the Bloomberg wire have caused some on Wall Street to speculate about the possibility of a major shakeup at Bank of America, the nation’s largest bank holding company when ranked by total assets.
At midnight on September 21, Bloomberg News reported that Bank of America is firing up to 400 of its global banking and market division employees, citing sources who have been briefed on the matter. CNBC also independently confirmed these layoffs.
The employees range in seniority from managing directors to junior analysts.
Obama's Key Economic Aide Plans to Leave by End of Year(CNBC.com)
Fed Still Concerned About Growth, But Holds Off Further Action (Wall Street Journal)
Someone bearing a strong resemblance to Mexican billionaire Carlos Slim was spotted Tuesday afternoon emerging from the New York Times building, according to an eye-witness.
Our girl Lindsay has had it rough these days. All that boozing and playing has put her in a bit of trouble lately .
But the once envied celebrity recently won a small victory, at least to a degree.
Lohan has finally settled her lawsuit with E*Trade Financial over a commercial the company aired that Lohan said invaded her privacy.
We're in a bar near Penn Station on a Monday night.
There aren't many drinkers left, even though its only 8 pm. The commuters who indulged in start of the week happy hour drinks have headed westward to catch the train. A few tourists, possibly lost, populate the tables scattered around the place. A few middling sports fans glance up at televisions showing Monday night football.
"You wouldn't believe how f----ed this law is," our drinking companion says.
He works at a major US financial firm and has been assigned to a task force to implement the new financial-reform law. These groups exist inside all the biggest banks and investment houses these days.
John Carney is a senior editor for CNBC.com, covering Wall Street and finance and running the NetNet blog.
Jeff Cox is finance editor for CNBC.com.
Lawrence Delevingne is the ‘Big Money’ enterprise reporter for CNBC.com and NetNet.
Stephanie Landsman is one of the producers of CNBC's 5pm ET show "Fast Money."
Investors won't be bothered by a Fed taper even if it starts this month, JPM's chief U.S. equity strategist tells CNBC.
Traders expect to see a fairly merry market clear on through December now that the November jobs report is out of the way.
The stock of a beauty retailer Ulta shed more than 20 percent on Friday.